Currency exchange futures at banks in the country to rise to 173 billion dirhams

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Currency exchange futures at banks in the country to rise to 173 billion dirhams

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Employee is money in a bank (Union)

Date Published: Saturday, September 20th, 2014

Joseph Bustanji (Abu Dhabi)

The value of the futures exchange contracts with banks operating in the country to 173 billion dirhams, during the second quarter of this year, an increase of 65 billion dirhams equivalent to an increase of 60%, compared with 108 billion dirhams in the first quarter of the same year, according to data from the UAE Central Bank.

Overall, rose to forward exchange contracts to 1212 billion dirhams at the end of last June, compared with 1039 billion dirhams at the end of March this year, while the balance of this item in the budget of the combined banks 931 billion dirhams at the end of 2013.

The data indicate that the balance of accounts systemic gross banks state which credit accounts futures «include documentary credits and bank guarantees and forward exchange contracts and other accounts» provided by the banking sector in the country to customers rose by 13.3%, or increase the value of 27 billion dirhams during the second quarter of the current year , compared with the first quarter of the same year.

 

 

These data suggest the size of the growth in banking services that relate to all business sectors, especially trade, industry and services, as well as financial services, currency exchange, which indicators to levels of growth and activity taking place in the national economy in general.

 

The data show that the total rise in the balance of the regular accounts of banks amounted to about 230 billion dirhams during the second quarter of this year compared with 203 billion dirhams during the first quarter of the same year.

Overall increased for this item in the budget statements of the banks operating in the country to 3.38 trillion dirhams at the end of June, compared with 3.15 trillion dirhams at the end of March 2014.

The increase in account the total support of the significant rise in the exchange contracts futures, which offset the decline in the provision of bank guarantees, which amounted to about 38 billion dirhams during the three months ended last June, where it decreased the balance of guarantees and endorsements other to 342 billion dirhams at the end of last June, compared with 380 billion dirhams at the end of the first quarter of this year.

Instead of the decline in the balance of documentary credits, which fell slightly worth about two billion dirhams to 116.6 billion dirhams at the end of the second quarter compared with the balance in March 2014.

To balance the increased credit accounts other statutory and non-classified that fall within this item to 1.71 trillion dirhams at the end of last June, compared with 1.61 trillion dirhams at the end of March 2014, up an estimated 100 billion dirhams, during the three months ended in June 2014.